Molson Coors Announces Restructuring of Business, Retiring of MillerCoors Name

Molson Coors, the brewing behemoth responsible for producing the Miller, Coors and Molson brands around the globe, has announced restructuring plans that will slash 400-500 jobs and retire the MillerCoors moniker.

MillerCoors had been the moniker for the company's U.S. branch since 2008, but with flagging sales of its flagship brands, the company will be known as Molson Coors Beverage Company in order “to better reflect its strategic intent to expand beyond beer and into other growth adjacencies,” per a press release.

“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” Molson Coors President and CEO Gavin Hattersley said in the release. “Our revitalization plan is designed to streamline the company, move faster, and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors.”

According to the company's third quarter sales presentation, Molson Coors will focus on "beyond beer" opportunities in the coming months, which means more investment devoted to hard seltzers, CBD drinks and other non-beer beverages.

The company announced Vizzy, a 5 percent ABV, 100-calorie hard seltzer infused with super fruits. The company will also continue to push its existing hard seltzer brand Henry's Hard Sparkling Water and Movo, its canned wine spritzer.

Beyond that, the company announced plans to invest "several hundred million dollars" into its Golden, Colorado production facility.

“This investment will modernize the brewery to allow for more flexibility, enable us to move with pace and deliver new products to meet changing consumer preferences,” CEO Hattersley stated in the release.